Silver Technical Analysis Report 30 April, 2021

• Silver reversed from resistance area
• Likely to fall to support level 25.500

Silver under the bearish pressure after the price reversed down once again from the resistance area lying between the pivotal resistance level 26.50 (which has been reversing the price from the start of March), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous extended downward correction 2 from the stat of February. The downward reversal from this resistance area started the active short-term downward impulse wave (c).

Given the rising treasury yields in USA – Silver can be expected to fall further toward the next support 25.500 (former resistance from the start of April and the target price for the completion of the active minor impulse wave (c)).

Was this post helpful?